FX.co ★ Philippine Exports Growth Hits 6-Month Low

Philippine exports rose 8.0% year-on-year to USD 7.3 billion in February 2026, slowing from a revised 8.7% in January and marking the weakest growth in six months.

Electronic products remained the country’s leading export, climbing 20.5% and accounting for 57.7% of total shipments. Within this category, exports of semiconductor components jumped 26.9%, while telecommunication products surged 54.3%. Strong gains were also recorded in machinery and transport equipment (+47.7%) and gold (+132.2%). These advances were partly offset by steep declines in exports of other manufactured goods (-64.0%) and coconut oil (-5.8%).

By destination, the United States remained the Philippines’ largest export market, absorbing 19.3% of total shipments, with exports to the US surging 42.9%. Exports also grew to Hong Kong (+33.1%), South Korea (+33.7%), Germany (+16.1%), and Taiwan (+24.5%), while sales to China (-0.4%) and the Netherlands (-5.8%) edged lower.

For the first two months of 2026, total exports increased 8.3% year-on-year to USD 14.47 billion.